Latest news with #LilavatiTrust
Mint
20-06-2025
- Business
- Mint
Lilavati Trust files ₹1,000 crore defamation suit against HDFC Bank CEO Sashidhar Jagdishan over ‘malicious' statement
In a fresh twist in the HDFC Bank vs Lilavati Trust row, the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has filed a ₹ 1,000 crore civil defamation lawsuit against HDFC Bank MD and CEO Sashidhar Jagdishan. The Lilavati Trust has accused the HDFC Bank CEO of making a series of 'malicious, false and defamatory' statements against it and its permanent trustee, Prashant Mehta. 'The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has filed a ₹ 1,000 crore civil defamation lawsuit against Mr. Sashidhar Jagdishan, Managing Director & CEO of HDFC Bank, over a series of malicious, false, and defamatory statements made against the Trust and its Permanent Trustee, Mr. Prashant Mehta,' the Trust said in a statement. The Lilavati Hospital in Mumbai is overseen by the Lilavati Kirtilal Mehta Medical Trust. The Trust accused Jagdishan of undertaking a 'coordinated campaign to malign its reputation and obstruct its operations as a public charitable institution'. In addition to the ₹ 1,000 crore defamation suit, the Lilavati Trust has also filed a criminal complaint before the Metropolitan Magistrate of Girgaon, Maharashtra. The magistrate has issued a notice to HDFC Bank CEO Sashidhar Jagdishan, its spokesperson, and the corporate communication head. The Trust said that the criminal complaint and subsequent notice mark 'a significant step in holding the HDFC CEO accountable for what the Trust alleges is a deliberate and sustained smear campaign'. The Lilavati Trust said its actions were not retaliatory, 'but are in response to a sustained effort to discredit a respected charitable institution and its founding family without any supporting documentation or conclusive evidence from HDFC Bank to validate its claims'. Denying HDFC Bank's allegations, it said, 'The Trust and Prashant Mehta are not connected to the affairs of Splendour Gems in any manner whatsoever as fraudulently espoused by the CEO of HDFC.' Earlier this week, HDFC Bank CEO Sashidhar Jagdishan moved the Bombay High Court, seeking the quashing of an FIR filed by the Lilavati Trust. The FIR stems from a magistrate court's order, directing the police to investigate the charges of alleged financial fraud. The Lilavati Trust has alleged in the complaint that of the ₹ 14.42 crore misappropriated by its trustees, ₹ 2.05 crore was received by Jagdishan. It also claimed that the offer of ₹ 1.5 crore disguised as Corporate Social Responsibility (CSR) funds to hospital staff shows the intent to destroy evidence and obstruct justice.
Hindustan Times
19-06-2025
- Business
- Hindustan Times
HDFC Bank CEO moves HC to quash ₹2.05 crore bribery FIR filed by Lilavati Trust
MUMBAI: HDFC Bank's managing director and CEO, Sashidhar Jagdishan, has moved the Bombay High Court seeking quashing of a First Information Report (FIR) lodged against him earlier this month in connection with an alleged financial and administrative scandal involving the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which manages the Lilavati Hospital in Bandra West. The FIR, registered on May 31, stems from a complaint by Prashant Mehta, a trustee of the Lilavati Trust, who alleged that Jagdishan accepted ₹2.05 crore in bribes between March 2022 and June 2023 to aid a group of erstwhile trustees—led by Chetan Mehta—to illegally retain control of the trust. The complaint also alleged a prolonged campaign of harassment against Mehta's father, Kishor Mehta, whose business was entangled in a loan dispute with HDFC Bank. Kishor Mehta died on May 20, 2024, allegedly after enduring sustained mental and emotional distress. The FIR, ordered by a Bandra magistrate on May 29, invoked serious charges under sections 406, 409 (criminal breach of trust), and 420 (cheating) of the Indian Penal Code, and Section 175(3) of the Bhartiya Nagrik Suraksha Sanhita (BNSS). It alleges that diary entries and cash register photocopies unearthed by Prashant Mehta show systematic misuse of trust funds, including the ₹2.05 crore allegedly paid to Jagdishan. In his plea before the High Court, Jagdishan has strongly denied all allegations, calling the FIR 'malicious and vindictive' and accusing the complainant of misusing the name of the Lilavati Trust to settle personal scores. Represented by senior advocate Amit Desai, Jagdishan argued that the complaint is a retaliatory response to recovery proceedings initiated by HDFC Bank against Splendour Gems Ltd, a company owned by the Mehta family, which had defaulted on loans amounting to ₹65.22 crore. Desai contended that there is no evidence linking Jagdishan to the alleged transactions beyond unverifiable diary entries, and criticised the magistrate's order as flawed. 'Despite the absence of corroborative documents, and the complainant's failure to submit additional evidence, the magistrate still ordered a police investigation,' Jagdishan's petition stated, adding that proceeding on the basis of 'selective cash records and unauthenticated diary entries' was legally untenable. The plea has also sought a stay on further proceedings, including any coercive action or filing of a chargesheet, arguing that the HDFC chief could suffer 'grave loss and irreparable injury' if the FIR is not quashed. When the petition came up for hearing before a bench of Justices AS Gadkari and Rajesh S Patil, Justice Patil recused himself. The matter was then mentioned before Justice Sarang V Kotwal, who also recused himself citing prior association with one of the trustees. The matter will now be reassigned to a new bench. Meanwhile, the Bandra police have also registered a separate FIR on May 31 against Chetan Mehta, M/s Phoenix ARC Pvt Ltd, and others for alleged embezzlement of ₹2.25 crore from the trust. Accused parties in that case, including Phoenix ARC, Keki Elavia and Venkatu Srinivasan, have also approached the High Court seeking quashing of the embezzlement FIR. The High Court is expected to hear all related pleas in due course.
Mint
15-06-2025
- Business
- Mint
Central Banks worldwide expected to keep interest rates frozen as nations eye Israel-Iran turmoil, Trump's trade war
(Bloomberg) -- Multiple central banks are set to keep interest rates frozen in the coming week while continuing to gauge the impact of trade disruptions instigated by US President Donald Trump. From Washington to London, wary officials in countries that account for two fifths of the global economy may display a collective sense of paralysis as they assess risks to inflation and growth from tariffs and stop-start commerce flows. Renewed tensions in the Middle East will only add to their conundrum. Also Read | Who is Sashidhar Jagdishan? The CEO facing fraud allegations from Lilavati Trust Their challenge was articulated on June 3 by the Paris-based OECD, which cut forecasts for global economic expansion while warning that protectionism is adding to consumer-price pressures. The toll that trade tensions are taking on world prosperity is likely to feature when Group of Seven leaders meet in Canada from Sunday. Investors will focus most on the Federal Reserve decision on Wednesday, the eve of Trump's 150th day in power. Observers reckon officials there are still months away from being able to make a settled judgment on the implications of White House policy on the economy. What Bloomberg Economics Says? 'Amid the uncertainty, the FOMC considers the optimal path is to stay put. We expect the median participant to signal just one 25-basis-point cut in 2025, down from two earlier this year — and a sizable minority may see no cuts at all. That's a big gap from market pricing, which still leans toward 50 bps. Powell will try to thread the needle, acknowledging softer data but stressing the Fed is in 'wait-and-see' mode amid policy uncertainty.' —Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins, economists. For full analysis, click here The Bank of Japan, meanwhile, may hold off on a rate move while adjusting bond purchases, and counterparts in the UK and Norway are seen following suit with unchanged borrowing costs. In all, central banks responsible for six of the 10 most-traded currencies in the world are set for decisions. Among the them, only those in Sweden and Switzerland are anticipated by economists to tweak rates, with small cuts predicted for each. Peers in Brazil, Chile, Indonesia and Turkey may also deliver no change as policymakers digest domestic developments and international events. Elsewhere, a flurry of Chinese economic data, UK inflation, and several speeches by European Central Bank officials might draw attention in one of the more packed weeks of the year so far. US and Canada US economic data in the holiday-shortened week include the latest readout of consumer demand. Economists project a decline in May retail sales, primarily due to fewer motor vehicle purchases. Excluding autos and gasoline, however, Tuesday's report is likely to show sales firmed after a soft start to the second quarter. Concerns have been building that flagging consumer sentiment will translate into a sustained pullback in household demand. Also on tap are reports on May housing starts and industrial production. The Fed's production report on Tuesday is seen showing a second month of declining manufacturing output, as factories contend with uncertainty stemming from trade policy. Economists forecast figures on Wednesday will show little change in new residential construction, consistent with a sluggish housing market that's battling various headwinds, including high borrowing costs. In Canada, Prime Minister Mark Carney aims to meet with every world leader gathered in Kananaskis, Alberta, for the G-7 summit that starts in earnest on Monday. Also Read | Why the Israel-Iran conflict matters to Indian growth The Bank of Canada's summary of deliberations will offer new insight into how policymakers are thinking about the future rate path, after they held borrowing costs steady while telegraphing that a cut may be needed if the economy weakens and inflation is contained. Governor Tiff Macklem will also deliver a speech. Population estimates for the first quarter will reveal how the government's efforts to crack down on temporary migration are shaping up, while retail data for April and a flash estimate for May will shed further light on consumers' response to the trade war. Asia It's a big week for central banks in Asia, with most seen holding rates unchanged during a period of uncertainty for trade policy and Middle East tensions. China and Japan will also release a range of economic data. On Monday, Pakistan's central bank is expected to keep rates steady, followed by the BOJ on Tuesday. It's expected to hold after Governor Kazuo Ueda signaled inflation still isn't at target. Investors will focus on what policymakers do about their bond-purchase program, with about two-thirds of respondents in a Bloomberg survey anticipating a slowdown in cutbacks. Bank Indonesia is seen keeping rates unchanged on Wednesday, as is Taiwan on Thursday as its economy endures currency volatility that sent the Taiwanese dollar to the strongest in three years. China is forecast to hold its 1- and 5-year loan prime rates steady on Friday. The Philippines is the only central bank in the region seen cutting — by 25 basis points — as price pressures ease. China on Monday releases a slew of figures on its economy, including home prices, retail sales, industrial production, foreign direct investment, and the jobless rate. Economists expect that retail sales slowed in May from the prior month, industrial activity held up as companies frontloaded manufacturing, and property investment contracted once again. Japan starts releasing a number of important insights on Wednesday, including exports that likely contracted in May — the same for machine orders, as US tariff policy weighed on demand. National consumer prices likely strengthened in the month on a core basis in data due on Friday. May trade figures are also due from India, while Singapore shows electronics exports and Malaysia and Taiwan their overall exports. The data will underscore what's been a tumultuous few months in global commerce as companies attempt to balance tariffs with anticipated customer demand. Elsewhere, Australia likely added fewer people to payrolls in May. New Zealand reports first quarter gross domestic product, seen contracting from the prior year for the fourth quarter in a row, and Sri Lanka also reports GDP. We'll get a look at inflation trends in South Korea with the export prices index and producer prices, both for May. Europe, Middle East, Africa The BOE announces its rate decision at noon London time on Thursday, the day after UK inflation figures are released. A vote to hold policy at 4.25% is widely expected, despite signs that UK tax increases and US tariffs are weighing on growth and causing job cuts. The concern is elevated headline inflation. Economists expect consumer-price growth to be essentially unchanged at 3.4% on Wednesday – well above the 2% target. Fresh Middle East turmoil after Israel struck Iran's nuclear program poses a fresh risk, with oil prices having spiked following the attack. The Monetary Policy Committee is anticipated by forecasters to vote 7-2 to hold, with two likely dissenters seeking a quarter-point cut. Most expect the BOE to stick with guidance for reductions to be 'gradual and careful,' signaling a quarter-point move every three months. Bloomberg's survey sees three more such steps — in August, November and February — to 3.5%. Also Read | US Fed: 5 key risks highlighted by Jerome Powell Several other decisions are scheduled: Sweden's Riksbank was supposed to be done with cuts after reducing its rate by 175 basis points since May 2024. But slower growth and lower inflation readings, combined with Trump's trade jolt in April, mean easing is back on the table for the export-reliant Nordic nation. Of nine economists surveyed by Bloomberg, seven expect a cut on Wednesday, to 2%. In Namibia the same day, officials will also likely reduce their rate at a time when inflation is at the lower end of their 3%-to-6% target band. It's Norway's turn on Thursday. In a rare example of an advanced economy yet to begin post-pandemic easing, Norges Bank is widely expected to keep its rate at 4.5%. Its plan is to begin loosening from the highest level in more than 16 years in the second half. A key business survey backed that view last week. The same day, the Swiss National Bank is widely expected to lower borrowing costs by a quarter point to dissuade haven flows into the franc. That would end almost three years of positive monetary policy, and bring the rate to zero — a level officials haven't touched before, despite their previous foray into negative territory. Botswana may also cut borrowing costs on Thursday to help shore up the economy as inflation is expected to remain low. Turkey's central bank is tipped to keep its rate at 46% the same day. Officials have used other means to loosen policy amid slowing inflation, such as lowering the average cost of funding from nearly 50% to closer to the benchmark rate. A slew of euro-area central banker appearances include the Bundesbank chief on Monday, an event in Milan featuring as many as six Governing Council members on Wednesday, and an address by ECB President Christine Lagarde to a Ukrainian central bank conference on Thursday. Among data highlights, Germany's ZEW investor sentiment survey is released on Tuesday, and euro-zone consumer confidence comes out on Friday. In Israel on Sunday, data may show inflation eased slightly, to 3.5% in May from 3.6% a month earlier. The central bank has kept its rate at 4.5% for more than a year amid escalating regional tensions. Inflation numbers are due in South Africa two days later, with a steady outcome of 2.8% expected. On Thursday, the South African Reserve Bank publishes its biannual financial stability review. Latin America Brazil's April GDP-proxy data due Monday comes on the heels of robust first-quarter results. Government handouts to low-income households and a strong labor market, among other tailwinds, are likely to head off any pronounced loss of economic momentum. In Colombia, GDP-proxy data is on tap, along with trade balance and imports for April. The economy's strong start to 2025 obscured some weak data for March, which may be more indicative of what to expect for April. Chile's central bank, led by Governor Rosanna Costa, on Tuesday will likely keep its key rate at 5% for a fourth straight meeting. Local economists surveyed by Banco Central de Chile see a half-point of easing by year-end and a terminal rate to the cycle 50 basis-points lower, at 4%. The same survey has inflation back to the 3% target by year-end 2026. Chile's central bank on Wednesday releases its quarterly inflation report, featuring updated growth and inflation forecasts in addition to revisions to the bank's monetary policy outlook. Brazil's central bank may have gotten enough good news out of the May inflation report posted on June 10 to draw a line under its mini tightening cycle, and keep borrowing costs unchanged Wednesday. That said, policymakers may not be in a hurry to trim the key rate — now at 14.75% — any time soon. --With assistance from Abeer Abu Omar, Philip Aldrick, Katia Dmitrieva, Brian Fowler, Vince Golle, Robert Jameson, Laura Dhillon Kane, Kati Pohjanpalo, Piotr Skolimowski, Ott Ummelas and Monique Vanek. More stories like this are available on
Time of India
11-06-2025
- Business
- Time of India
HDFC Bank says timing of allegations against CEO Sashidhar Jagdishan reveals 'devious' motive of Lilavati Trust
HDFC Bank on Wednesday said the timing and manner of allegations against the bank's Managing Director and CEO, Sashidhar Jagdishan, by the Lilavati Trust demonstrate the devious objective of preventing the bank from carrying out its legal mandate of recovery and enforcement. "The allegations and insinuations made by the trustees are devoid of any iota of truth whatsoever. Neither the Bank nor its MD & CEO have engaged in any activity that is illegal, unethical or improper," HDFC said in a statement. The bank is fully compliant with the laws of the land and follows the highest standards of governance and ethics, it said further. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo "The Bank does not see any necessity to respond/clarify on daily basis in respect of such baseless, frivolous and malicious campaign initiated by the Mehta family through Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), which is done with a sole purpose of maligning the image/reputation of the Bank and its MD & CEO." The bank's Managing Director and CEO, Sashidhar Jagdishan, was named in a police complaint filed by the Mehta family through the Lilavati Trust, which manages Mumbai's Lilavati Hospital. Live Events (More to come)
Mint
09-06-2025
- Business
- Mint
HDFC Bank, Mehtas, and decades of discord: Timeline Explained
The Mehta family-owned Lilavati Kirtilal Mehta Medical Trust on Monday, 9 June 2025, pinned a fresh set of allegations against HDFC Bank CEO Sashidhar Jagdishan. The Lilavati Trust allegations against the HDFC Bank CEO ranged from 'bribe money' to 'forging evidence.' This comes after HDFC Bank on Sunday called all the allegations and claims against the bank 'malicious and baseless.' The bank stated that the Mehta family has exhausted other options and is now 'launching personal attacks' against the bank and its executives to malign their reputation and pressure the lender to halt their recovery actions. 1) Loan in 1995: In the year 1995, HDFC Bank and other consortium banks granted a loan to Mehta family-owned Splendour Gems Ltd. 2) Defaulter in 2001: Splendour Gems Ltd 2001 was officially termed a loan defaulter, and HDFC Bank started seeking options to recover the public money which was issued to the company as a loan. 3) Order of 2004: The Debt Recovery Tribunal granted HDFC Bank a 'recovery certificate' in 2004, which gave the institutional lender the authority to recover the outstanding dues that remain 'substantially unpaid' by the defaulter, the bank's official statement later showed. 4) Lilavati's allegations against HDFC CEO (2025): The whole Mehtas vs HDFC Bank issue erupted when Lilavati Kirtilal Mehta Medical Trust, on Sunday, 8 June 2025, which owns Mumbai's Lilavati Hospital, claimed that HDFC Bank CEO Sashidhar Jagdishan and eight others were allegedly involved in a series of financial frauds and misappropriation of the Trust's funds. The Trust was seeking the suspension and legal prosecution of the bank's CEO over the alleged involvement in a financial fraud and fund corruption case. 5) HDFC's response to allegations: After the allegations made by the Lilavati Trust, the private bank officially refuted the claims as 'baseless and malicious', denying the company's or executive's involvement in such financial fraud affairs. 'The allegations made by Lilavati Trust, its trustees and officials against the bank's MD and CEO (managing director and chief executive officer) are baseless and malicious. The outrageous and preposterous allegations are strongly and categorically denied,' said the bank's spokesperson in an official statement on Sunday. 6) Mehta family files FIR: Later on Sunday, the Mehta family filed an FIR (First Incident Report) against the HDFC Bank CEO, Sashidhar Jagdishan, after the financial fraud allegations from Lilavati Trust. 7) HDFC refutes claims: In response to the Mehta family FIR, HDFC Bank refuted the claims and said that the defaulters were trying to launch 'personal attacks' against the bank and its executives to malign their reputation and pressure the lender to halt their recovery actions. The bank also called the FIR 'frivolous' on Sunday. 'HDFC Bank will continue to pursue all lawful remedies to recover public funds and address the retaliatory actions taken by the Mehta family as well as to defend the reputation and integrity of the Bank, its Directors and other employees,' said the bank in its statement. 8) HDFC share reaction: Despite the allegations and FIR from the Mehta family and Lilavati Group, stock market investors did not dump the stock. Shares of the private lender closed flat, or 0.01 per cent down, at ₹ 1,978.60 after Monday's market session, compared to ₹ 1,978.70 at the previous market close. 9) Fresh Lilavati Trust allegations: The Lilavati Trust on Monday, 9 June 2025, issued a list of fresh allegations against HDFC Bank and its CEO, claiming the pointers as a 'summary of misdeeds' of Chief Sashidhar Jagdishan. The allegations ranged from 'bribe money' to 'forging evidence.' The Trust alleged that the HDFC Bank CEO took ₹ 2.05 crore in bribes to help the Chetan Mehta Group remain 'illegally' in control of the family Trust. Among other major allegations, CEO Sashidhar Jagdishan was offered ₹ 1.5 crore in bribes under the alleged CSR for the destruction and forging of evidence, and a civil and criminal defamation case of ₹ 1,000 crore is claimed to have been initiated against CEO Jagdishan. The Mehta family-run trust also dismissed HDFC Bank's official response, claiming that the earlier allegations which were made towards the CEO have allegedly been scrutinised by the judicial authority before they registered an FIR. Disclaimer: All the views and claims in this story are from the Lilavati Kirtilal Mehta Medical Trust. This story does not represent LiveMint's views on the subject.
